HSBC has made a groundbreaking move in the UAE’s financial landscape by becoming the first global asset manager to launch onshore investment funds in the country. This step is a pivotal development for the UAE’s domestic fund industry and underscores its ambition to establish itself as a leading international hub for wealth and asset management.
The newly launched platform, which registered 10 onshore funds with the UAE’s Securities & Commodities Authority (SCA), marks the first time that a suite of investment funds has been domiciled, regulated, and offered locally in the UAE. These funds provide both retail and institutional investors with access to a wide range of globally diversified investment strategies, now managed under the UAE’s evolving regulatory framework.
A Significant Step for the UAE’s Financial Ecosystem
The launch follows a series of regulatory reforms designed to encourage international asset managers to set up onshore fund structures in the UAE. These reforms aim to retain capital within the country, deepen the capital markets, and provide more localized investment opportunities. By establishing this onshore fund range, HSBC Asset Management expands the choices available to UAE-based investors who have traditionally depended on offshore funds.
The new platform will allow investors to access international markets and global investment strategies, with all products designed, governed, and serviced locally, in line with the UAE’s broader push toward regulatory alignment, transparency, and enhanced investor protection.
Tailored to the UAE’s Growing Investor Base
HSBC’s 10 new onshore funds span various asset classes, investment themes, and risk profiles, providing investors with the opportunity to build diversified portfolios tailored to their financial objectives and timelines. The firm brings its global expertise, drawing on its network of over 600 investment specialists worldwide, while tailoring the funds to meet the needs of the UAE’s increasingly sophisticated investor base.
Mohamed Al Marzooqi, CEO of HSBC UAE, called the launch a “strategic milestone” for the bank and the broader financial ecosystem. He emphasized that the move aligns with the UAE’s ambition to position itself as a critical wealth hub, offering investors greater confidence in managing and growing their wealth both locally and globally.
UAE’s Growing Role as a Global Wealth Hub
The UAE’s emergence as one of the world’s fastest-growing international wealth destinations has been supported by strong economic growth, investor-friendly policies, and sustained investment in financial infrastructure. As wealth continues to accumulate in the region, there has been an increasing demand for institutional-quality investment solutions that are regulated and managed within the UAE.
According to Dinesh Sharma, regional head of international wealth and personal banking for the Middle East, North Africa, and Türkiye at HSBC, investor preferences are shifting from offshore to onshore structures. This change is driven by the country’s ongoing regulatory reforms and the rising sophistication of its investor base. Clients are increasingly seeking solutions that offer a blend of global reach and local oversight.
Strengthening Global and Local Connections
HSBC’s UAE onshore funds complement the bank’s broader international investment offerings, including global trading and securities capabilities. This integrated approach is designed to provide seamless access to both local and international investment opportunities. HSBC’s strategy reinforces the UAE’s role as a gateway between regional and global capital markets, linking investors to opportunities in both Asia and major global markets.
Daisy Ho, CEO for Asia and the Middle East at HSBC Asset Management, expressed the group’s long-term commitment to the UAE and the wider region. She highlighted that while HSBC brings global expertise to the table, the focus remains on delivering accessible and tailored strategies that meet the specific needs of investors in the UAE.
Leadership and Expansion in the UAE
As part of its expansion in the UAE, HSBC Asset Management has appointed James Grist as the general manager of its UAE entity. Grist will oversee the development of the onshore funds platform and the broader expansion of the firm’s investment capabilities in the country.
The launch of this asset management business is central to HSBC’s fast-growing wealth franchise across the Middle East, North Africa, and Türkiye. The bank views the UAE’s emergence as a key destination for international capital as a strategic opportunity to invest in local infrastructure while leveraging its global network.
HSBC’s Commitment to the UAE Wealth Sector
This move also follows HSBC’s announcement of its largest investment in the UAE wealth sector in two decades. This includes the opening of a dedicated wealth centre in Dubai, the rollout of an enhanced Premier banking proposition, and a significant increase in relationship managers serving affluent clients.
HSBC’s entry into the onshore fund market in the UAE reflects the bank’s ongoing commitment to the region, positioning itself as a major player in the development of local wealth management infrastructure. As the UAE continues to strengthen its financial ecosystem, HSBC’s onshore funds platform plays a pivotal role in furthering the nation’s ambitions to become a global financial hub.
